Greater China

Vale signs financing deals with Chinese banks

Beijing: Brazilian mining giant Vale has signed MOUs with two Chinese banks during Chinese president Xi Jinping’s recent visit in Brazil.

China's Exim Bank has extended a $5bn credit facility to Vale over the next three years to buy or lease ships and shipping equipment from Chinese companies.

Bank of China will also provide up to $ 2.5bn in financing services to Vale to support Vale’s business development and strengthen partnerships between Vale and Chinese enterprises.

However, the MOUs didn’t include a solution to an impasse over China's refusal to allow Vale’s giant ore carriers to dock at Chinese ports. [21/07/14]

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